It has been a feature of the high street since 1973 but yesterday Argos
announced that it is scaling back its famously unwieldy catalogue and fiddly
little pencils.

Instead, the business will refocus its efforts on chasing middle-class
customers as part of its new chief’s plan for the retailer to become a
“digital-led” retailer. John Walden, managing director of Argos, part of
Home Retail Group, has resisted calls from the City to embark on a wholesale
store closure programme. Only about 50 of its 740 stores will close over the
next five years as their leases expire.